The USDA reported private exporter sales of 165,000 mt of corn for delivery to unknown destinations during the 23/24 marketing year.
March corn continues to be in a relatively sideways trading range. The key to price direction will likely be just how much corn China purchases from the US going forward.
Today’s unemployment report showed that the US economy added 199,000 jobs (above expectations) and unemployment fell to 3.7%. This could affect Fed policy going forward, as they may maintain the policy on interest rates of higher for longer.
According to the Buenos Aires Grain Exchange, corn planting in Argentina is 40.3% complete.
The USDA reported private exporter sales of 136,000 mt of soybeans for delivery to China during the 23/24 marketing year.
Brazil’s weather forecast continues to show more rain in the second week of the forecast, but is dry for the first week. This has been a continued pattern; as time advances, the rains are less than initially forecasted.
Higher palm oil and crude oil this morning are supporting soybean oil, and thus, soybean futures. Malaysian palm oil was up over 1% Friday, and on the Chinese Dalian exchange, both soybean and palm oil were higher as well.
According to the Buenos Aires Grain Exchange, soybean planting in Argentina is 52% done. They also said that the crop condition is 36% good to excellent.
The USDA reported private exporters’ sales of 110,000 mt of SRW wheat for delivery to China during the 23/24 marketing year.
The US southern Plains are expected to receive good rains mid next week, with the forecast calling for anywhere between 0.75 and 2.00 inches. This could limit upside potential in the wheat market a bit.
After eight higher closes in a row, March Chicago wheat is trading lower this morning. This could be some profit taking after the recent run higher. However, with another sale to China, mentioned above, it could spark some more buying interest and fund short covering.
Egypt’s wheat tender was fulfilled by Russia for 420,000 mt, and they paid $260 per mt FOB. France would have been second in line at $268 per mt FOB offer.
According to the Buenos Aires Grain Exchange, Argentina’s wheat harvest is said to now be 48.2% complete.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
